Monday, May 16

Ethereum Price Analysis: ETH’s Sideways Chop at $3.3K Continues as Market Remains Indecisive


Key Support levels: $3,000, $2,750

Key Resistance levels: $3,600, $4,000

ETH has been in a flat trend around the $3,300 level for some time now, unable to rally or go much lower. A strange equilibrium between market forces has kept the cryptocurrency at this level for the past week. The support at $3,000 has not been retested, nor was the resistance at $3,600 put under any pressure. The result is a sideways price action that shows indecision.

ETHUSD_2022-01-17_16-20-21
Chart by TradingView

Technical Indicators

Trading Volume: The volume increased today, but this time, the bears had the upper hand pushing the price below $3,300. However, they were unable to sustain any further declines.

RSI: The daily RSI failed to make a higher high, and this most recent drop favors the bearish case. If buyers don’t step up, ETH could fall back to the key support.

MACD: The daily MACD is bullish but lacked the momentum to push prices higher. If this continues, then bears may take over.

ETHUSD_2022-01-17_16-20-56
Chart by TradingView

Bias

The bias for ETH is neutral. Neither the buyers nor the sellers seem convinced to move from the current level.

Short-Term Price Prediction for ETH

ETH has consolidated around $3,300 for the past week with little volatility. If history is any indication, flat trends tend to end in vicious moves in either direction.

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Cryptocurrency charts by TradingView.



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